Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

May 22, 2015 10:00 ET

Harper Government Announces Support for the Bioscience Cluster in Southern Ontario

TORONTO, ONTARIO--(Marketwired - May 22, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, Member of Parliament for Don Valley West John Carmichael, along with Member of Parliament for Etobicoke-Lakeshore Bernard Trottier, announced an investment of up to $3.894 million to support the Ontario Bioscience Innovation Organization's efforts to boost investment opportunities for Ontario companies and strengthen innovation for Ontario's commercial bioscience cluster.

The Ontario Bioscience Innovation Organization (OBIO) is a not-for-profit organization governed by industry leaders in the human health bioscience, financial and legal sectors, as well as venture capital investors. Their mandate is to build a leading bioscience sector in Ontario, by supporting the commercial development of innovative products and services.

This project is expected to create up to 293 full-time jobs during the project period. It will also leverage an additional $2.2 million in funding, which will support the marketing and development plans of up to 159 high-potential bioscience companies - 65 of which will receive additional support through funding for investment readiness programming.

This project will support the development of companies that are ready to manufacture clinical trial versions of their products; seek approval to market their products or develop plans to bring their products to market.

Quick Facts

- OBIO advocates for the commercial growth of bioscience companies and the development of innovative technologies within the bioscience cluster, with the goal of making Ontario a leader in integrated health technology.

- OBIO was established in 2009 and has more than 250 members, including: small- and medium-sized business owners; academic and research institutions; multinational enterprises, as well as scientific, technical and business service providers.

- Since its creation in August 2009, FedDev Ontario has invested more than $1.4 billion, resulting in partnerships with over 12,000 organizations and more than $2 billion in additional leveraged investments to support businesses, organizations and communities.

- This funding, through FedDev Ontario's Investing in Business Innovation Initiative, will support the enhancement of OBIO's business accelerating program, called the Capital Access Advisory Program, that will introduce businesses to both local and global investors.

Quotes

"This investment will provide valuable opportunities for a number of companies in the bioscience sector. These new partnerships will lead to the development of innovative new technologies and will help fuel the advancement of important medical technologies here in southern Ontario."

- John Carmichael, Member of Parliament for Don Valley West

"I'm proud of our Government's investment in a project that supports innovative life science companies, across southern Ontario. This funding will allow talented researchers and innovative businesses to develop and bring to market some exciting new products and services."

- Bernard Trottier, Member of Parliament for Etobicoke-Lakeshore

"The success of our economy and the well-being of our families depend on advancing and commercializing cutting-edge science, technology and innovation in Canada. By seeking to enhance bioscience companies ability to access capital, OBIO endeavours to drive innovation, R&D conducted within companies and growth in the human health technology sector. OBIO is grateful to receive funding support from the Federal Economic Development Agency for Southern Ontario for the OBIO Capital Access Advisory Program and our efforts to help companies to develop their businesses and attract global investment."

- Gail Garland, President and CEO, Ontario Bioscience Innovation Organization (OBIO)

Related Products

Speech: Investing in Business Innovation Funding Announcement for the Ontario Bioscience Innovation Organization (OBIO)

Associated Links

- Investing in Business Innovation

- Ontario Bioscience Innovation Organization (OBIO)

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